Communicating About Healthy Finances

Financial Basics and Advice

Have a Burial Insurance Policy at a Minimum

Not everyone has life insurance, and many people have legitimate reasons for not having it. People who do not have any dependents may feel like they have no need for life insurance. Other people may feel like they do not have money to spend on a life insurance policy. However, everyone should take some time to consider the benefits of investing in a burial insurance policy.

Cost of Funerals

Inflation has greatly increased the cost of the typical funeral. A few decades ago, the average funeral was around $2,500. These days, the prices have more than doubled. The average funeral now costs around $6,700, and the prices will likely continue to quickly climb in the future.

People who want to be responsible will provide the money to pay for their own funerals. Failing to do this leaves their families a great burden. When a family has financial stress added to the emotional stress of losing a loved one, it is truly unfair. That is a great reason that everyone should take advantage of a burial insurance policy.

An Economical Option

One of the most common reasons that people without life insurance cite for not having coverage is that they cannot afford it. While it is true that traditional life insurance polices can be expensive in certain situations, that is no reason to avoid the safety net of a burial insurance policy. These burial insurance policies are very economical. Making just a small investment in one of these policies will give people peace of mind about their deaths. They will not have to worry about leaving a financial burden when they pass.

Prepayment for a Funeral

Some people think that they can alleviate the financial burden of their deaths by prepaying for their funerals. While this is a nice idea in theory, it does not always work out well in reality. There are legions of horror stories about people prepaying for their funerals, and then their survivors are hit with additional fees and charges when the time for the funeral arrives.

That is why it is so much smarter to simply purchase burial insurance. A burial insurance policy will cover all the costs of the funeral, ensuring that the survivors will not have to deal with any financial hassles in the midst of their grief. It is the economical and responsible choice for people who do not want to purchase traditional life insurance policies.

Category: Insurance

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